Peugeot Doesn’t Plan to Buy GM Shares Family Member Tells Figaro

March 1 (Bloomberg) -- PSA Peugeot Citroen doesn’t intend to buy shares in General Motors Co. and the Detroit-based carmaker’s investment in Peugeot will be capped at 7 percent, FFP Chairman Robert Peugeot said in an interview with Le Figaro.

GM won’t get a seat on Peugeot’s board either as the two carmakers will remain competitors, Peugeot also told the newspaper.

Peugeot’s alliance with GM is as strong as its merger with Citroen from a policy perspective and will accelerate the French carmaker’s development outside of Europe, Le Figaro reported Peugeot as saying.

The alliance will provide GM with a long term solution for its presence in Europe, Peugeot added, according to the newspaper.

To contact the reporter on this story: Andrew Roberts in Paris at aroberts36@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net